Litecoin is better and better in a way
Bitcoin coin is the most respected cryptocurrency of all, because it is the beginning for everyone else. As a protagonist in any field, Bitcoin has critics and fans. Charlie Lee was even a huge fan of 2011 (he is still), and he was still a software engineer at Google (if you read this article in Google Chrome, chances are you are using the code he wrote). In fact, he is such a big and enthusiastic fan, he thinks he wants his own bitcoin, except for a little bit of flexibility, a small blender. Therefore, Litecoin was born.
Charlie Lee sees Litecoin as a supplementary currency for Bitcoin. He wants a blockchain environment where payments between users can be processed in seconds instead of minutes or hours, and he wants the transfer fee to be as close as possible to zero.
So what he did was to use bitcoin blockchain technology to find the code sectors that caused the information bottleneck and slow down and change them by mitigating them (hence the name), but without losing any robustness in the process. He achieved his goal.
Litecoin LTC is exactly the same as Bitcoin in almost every respect. It is a branch of the Bitcoin blockchain (if you are an open source software user, you may be familiar with the concept of forks). So this is exactly the same for blockchain technology, but some of the steps in this process (especially the consensus system) change in a faster way than the original bitcoin protocol.
On October 7, 2011, Litecoin was released as an open source client on GitHub. The new Litecoin network started running six days after that and it has been running successfully since then. After the release, Litecoin's most important historical milestone may be that in November 2013, litecoin price rose in one day and reached a market value of $1 billion for the first time.
When Mr. Charlie Lee founded the Litecoin and other people, he realized everything he had to do. At the time of this writing, it was the seventh-largest encrypted coin in the world. It is very popular and is considered one of the most powerful blockchain projects in the world. Like Bitcoin, currency is mined by the community, but due to Charlie Lee's changes to the source code and blockchain processes, the block is much shorter than Bitcoin.
Mr. Li is able to make things happen according to his own wishes. In Litecoin, token exchanges between network users are resolved almost immediately, with transaction costs being modest. Another difference between Litecoin and Bitcoin is the number of final coins that will be mined.
Bitcoin is designed to mine 21 million coins, while Litecoin will mine a total of 84 million. Another advantage of Litecoin is the flexibility of the infrastructure. Changes to the entire Litecoin environment are easy to implement, which is why many planned bitcoin upgrades and features are first implemented in Litecoin to see how the network reacts to a given update or change. You can get more bitcoin news as long as you follow me.
Litecoin can create a new block every two and a half minutes instead of ten of bitcoin, because one of the innovations that Mr. Li brought to Litecoin was to replace scrypt with SHA-256 hash. These are the functions used by each blockchain in the Workload Certification Protocol. Scrypt collisions are faster to calculate, so speed is also improved.
This currency has been at the heart of many other blockchain projects, such as Open Bazaar, Lightning Network, Atomic Swap, and more. In the past 18 months, there have been a lot of hot discussions about Litecoin, and there are some good reasons. Just last week, Litecoin became the first blockchain project to buy a bank in history, opening up exciting possibilities.
Mr. Lee's Litecoin is one of the most reliable, reliable and trusted cryptocurrencies in the cryptosphere, so it's worth taking the time to pay close attention to how it is implemented and any new projects it may involve.